Bahrain Properties Holding Company is to acquire a 30 per cent stake in UK-based McLaren Group Limited, according to an announcement in Manama.

Mumtalkat, a company owned by the Bahraini government, sealed an agreement by way of strategic investment with McLaren.
This followed extensive discussions with McLaren Group chairman and CEO Ron Dennis and representatives of TAG (Techniques D’Avant Garde) Holdings SA and Daimler-Chrysler AG.
As required, an application was being prepared for the necessary competition law clearances, which will be received by the end of March.
The Daimler-Chrysler consortium will hold a 40 per cent stake on completing the contract procedures.
Ron Dennis and TAG Holdings will each hold a 15 per cent stake. The company will continue to be run through the current management team. A final media statement will be released upon obtaining regulatory clearances.
“The decision stems from a keenness to diversify investment in high-tech sectors, particularly car manufacturing and affiliate industries,” a statement said.
The move also takes into account “Bahrain’s prominent status on the world sports and tourism map,” the statement said, singling out the Bahrain Formula One Grand Prix as a major boost.
The McLaren Group, based in Woking, UK, embraces a collection of high-tech companies, boasting a reputation in cutting-edge sport technology and electronics. It has also established itself at the forefront of British engineering and technology.